Insider Selling: DraftKings Inc. (NASDAQ:DKNG) Insider Sells 52,777 Shares of Stock

DraftKings Inc. (NASDAQ:DKNG) insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $37.62, for a total value of $1,985,470.74. Following the transaction, the insider now directly owns 706,620 shares in the company, valued at $26,583,044.40. The trade was a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

R Stanton Dodge also recently made the following trade(s):

• On Monday, March 17th, R Stanton Dodge sold 52,777 shares of DraftKings stock. The shares were sold at an average price of $39.00, for a total value of $2,058,303.00.

DraftKings Stock Performance

Shares of NASDAQ DKNG traded down $1.82 during mid-day trading on Tuesday, hitting $36.91. The company had a trading volume of 7,763,188 shares, compared to its average volume of 9,619,819. The company has a market capitalization of $18.08 billion, a price-to-earnings ratio of -34.82, a P/E/G ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The stock’s 50-day moving average price is $42.16 and its 200-day moving average price is $40.21.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, sell-side analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

Hedge Funds Weigh In On DraftKings

Hedge funds and other institutional investors have recently modified their holdings of the company. Raiffeisen Bank International AG purchased a new position in shares of DraftKings in the 4th quarter worth about $25,000. Stonebridge Financial Group LLC bought a new stake in shares of DraftKings in the 4th quarter valued at about $28,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in DraftKings in the 4th quarter worth approximately $28,000. Synergy Asset Management LLC purchased a new stake in DraftKings in the 4th quarter worth approximately $30,000. Finally, Synergy Investment Management LLC purchased a new stake in DraftKings in the 4th quarter worth approximately $37,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

DKNG has been the topic of several analyst reports. JPMorgan Chase & Co. increased their target price on DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Truist Financial upped their price objective on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Piper Sandler reiterated an “overweight” rating and issued a $60.00 target price (up from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. JMP Securities reiterated a “market outperform” rating and issued a $50.00 target price on shares of DraftKings in a research report on Friday, February 14th. Finally, Morgan Stanley raised their price objective on DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $54.44.

DraftKings Company Profile

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.